The Crypto Daily – Movers and Shakers – September 22nd, 2021
Bitcoin, BTC to USD, fell by 5.29% on Tuesday. Following an 8.93% slide on Monday, Bitcoin ended the day at $40,748.0.
A bearish start to the day saw Bitcoin slide to an early morning low $40,255.0.
Bitcoin fell through the 38.2% FIB of $41,592 and the first major support level at $41,286.
Finding early support, Bitcoin rose to a late morning intraday high $43,625.0 before hitting reverse.
Falling well short of the first major resistance level at $46,046, however, Bitcoin tumbled to a late intraday low $39,678.0.
Bitcoin fell back through the 38.2% FIB of $41,592 and the first major support level at $41,286.
Avoiding the second major support level at $39,546, however, Bitcoin ended the day at $40,700 levels.
The near-term bullish trend remained intact, in spite of the latest return to sub-$40,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Tuesday.
Bitcoin Cash SV rose by 3.08% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Early in the week, the crypto total market rose to a Monday high $2,136bn before sliding to a Tuesday low $1,743bn. At the time of writing, the total market cap stood at $1,824bn.
Bitcoin’s dominance rose to a Monday high 42.97% before falling to a Tuesday low 41.37%. At the time of writing, Bitcoin’s dominance stood at 42.36%.
At the time of writing, Bitcoin was up by 0.95% to $41,134.0. A mixed start to the day saw Bitcoin fall to an early morning low $40,636.0 before rising to a high $41,494.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was down by 7.46% to buck the early trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 1.74% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $41,350 pivot the 38.2% FIB of $41,592 to bring the first major resistance level at $43,023 into play.
Support from the broader market would be needed for Bitcoin to break back through to $43,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $43,625.0 would likely cap the upside.
In the event of a broad-based crypto rebound, Bitcoin could test resistance at $45,000 levels before any pullback. The second major resistance level sits at $45,297.
Failure to move through the $41,350 pivot and the 38.2% FIB of $41,592 would bring the first major support level at $39,076 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $37,403.